Need to redevelop NBFC sector: CII

Maintaining the existing NPA classification norms, bringing the Non-Banking Finance Company (NBFC) sector under the ambit of the SARFAESI Act and addressing concerns on capital adequacy requirement is the need of the hour to redevelop the NBFC sector, the Confederation of Indian Industry (CII) has said. Calling for a long-term vision for the development of the NBFC sector in India, CII has suggested a five-point agenda for the consideration of the Ministry of Finance and the RBI.